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Reply to "Can We Afford a $1.5MM Second Home?"
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[quote=Anonymous]We have a $900k condo on south beach - about 2 blocks from the beach. Your annual property taxes are going to be anywhere from $20,000 to $28,000, and will not enjoy any caps - so they have the potential to grow every year based on increases in the value. As you mentioned, condo fees cover building insurance. But you still need contents. Being only a couple blocks from the beach, we can only get interiors insurance from Citizens - the state run program. We pay $6000 a year for a pretty bare bones policy. Yours will be closer to $10k. You will also be paying condo fees - I assume that will be another $25k for a unit in naples. Carrying costs in Florida are really really high. When you live there full time, it's okay because you don't pay state income tax. So in our case, our insurance and taxes are around $20k a year - which is a lot less than what we'd pay in state income taxes in other states. But it's very expensive for nonresidents. [/quote]
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